Business News

Wall Street slips as banks fall after results, AT&T sinks

NEW YORK (Reuters) - U.S. stocks edged lower on Thursday, pausing after recent gains, after AT&T said it lost subscribers in the last quarter, while banks fell following results. JPMorgan Chase (JPM.N) and Citibank (C.N) managed to beat profit and revenue estimates despite reporting a drop in trading revenue, but JPMorgan fell about 0.9 percent, while Citigroup dropped 3.1 percent. Bank of America (BAC.N) and We...

12 Oct 8:21 PM 0 Read More...

Wall Street drops as bank earnings fail to cheer, media stocks drag

(Reuters) - U.S. stocks fell on Thursday morning, dragged down by media companies, while results from JPMorgan and Citigroup failed to fuel the optimism that has driven indexes to record highs. JPMorgan (JPM.N) and Citigroup (C.N), which had already talked down third-quarter expectations, reported earnings that were better than Wall Street estimates even as trading revenues fell. The shares of both companies were lit...

12 Oct 3:19 PM 0 Read More...

Loan growth helps JPMorgan beat expectations despite trading decline

(Reuters) - JPMorgan Chase & Co (JPM.N) easily beat Wall Street’s third-quarter profit expectations on Thursday, with loan growth and higher interest rates more than offsetting weakness in its markets-related unit. Executives at the largest U.S. bank touted the diverse mix of businesses that allow JPMorgan to weather a dip in one area or another, and downplayed a 27 percent drop in bond trading revenue even tho...

12 Oct 3:19 PM 0 Read More...

GM to cut production at Detroit plant, lay off workers: WSJ

DETROIT (Reuters) - General Motors Co plans to scale back production at an assembly plant in Detroit and lay off about 1,500 workers, the Wall Street Journal reported on Thursday, citing sources familiar with the plan. The No. 1 U.S. carmaker plans to shut the Detroit-Hamtramck factory for about six weeks from mid-November and cut production by roughly 20 percent once operations resume, the Journal reported. The move...

12 Oct 3:19 PM 0 Read More...

AT&T subscriber losses highlight cord-cutting threat: analysts

NEW YORK (Reuters) - AT&T Inc’s third-quarter video losses sent pay-TV industry shares down on Thursday after Wall Street analysts raised concerns about the continued threat of consumers cancelling their cable and satellite television subscriptions. The No. 2 U.S. wireless carrier, which owns satellite television service DirecTV, said in a filing on Wednesday that it lost 90,000 U.S. video subscribers in the qu...

12 Oct 3:19 PM 0 Read More...

London regulator will defend decision not to renew Uber’s license in court: mayor

12 Oct, 2017 EngageNewswire.com is a high ranking blog, press release and news publishing website. We publish content from trusted sources. LONDON (Reuters) – London Mayor Sadiq Khan said on Thursday that the city’s transport regulator will defend its decision in court not to renew Uber’s license to operate in the B...

12 Oct 10:15 AM 0 Read More...

Exclusive: Alphabet’s Waymo demanded $1 billion in settlement talks with Uber – sources

SAN FRANCISCO(Reuters) – Alphabet Inc’s Waymo sought at least $1 billion in damages and a public apology from Uber Technologies Inc as conditions for settling its high-profile trade secret lawsuit against the ride-services company, sources familiar with the proposal told Reuters. The Waymo self-driving car unit also asked that an independent monitor be appointed to ensure Uber does not use Waymo technology in t...

12 Oct 10:15 AM 0 Read More...

Asia stocks hit decade-high on global equity surge, dollar sags

TOKYO (Reuters) - Asian stocks were near a decade high on Thursday, riding the bull run in global equity markets, while the dollar sagged after the Federal Reserve showed a guarded view towards inflation. MSCI’s broadest index of Asia-Pacific shares outside Japan rose to its highest since December 2007 and was last up 0.2 percent. Japan’s Nikkei was up 0.5 percent after brushing 20,980.92, its highest since Decem...

12 Oct 5:14 AM 0 Read More...

Wall Street ticks higher to record close; eyes on earnings, Fed

NEW YORK (Reuters) - Major stock indexes edged up to post record closing highs on Wednesday with sector moves in the S&P 500 showing preference toward so-called defensive stocks. While Wall Street reaction was muted to minutes of the most recent Federal Reserve policy meeting, a report that a market-friendly candidate was being pushed as successor to Janet Yellen at the helm of the U.S. central bank helped indexe...

12 Oct 12:14 AM 0 Read More...

Delta refuses to pay tariffs on Bombardier CSeries jets

NEW YORK (Reuters) - Delta Air Lines Inc on Wednesday said the carrier would not foot the bill of a 300 percent tariff that the U.S. Commerce Department wants to impose on Canadian-built Bombardier CSeries, leaving the future of the planemaker’s jets in limbo. “We’re not going to be forced to pay tariffs or anything of the ilk,” Delta Chief Executive Ed Bastian said on the carrier’s third-quarter earnings c...

11 Oct 7:10 PM 0 Read More...